“Weakened consumer protections and limited enforcement authority already have damaged many consumers and the economy in general,” 40 AGs say in letter to Congress.
Des Moines. Iowa Attorney General Tom Miller is leading a group of 40 state attorneys general in urging Congress to uphold the role of the states in enforcing consumer protection laws.
Miller and Attorney General Rob McKenna of Washington organized a letter from the 40 state AGs to key Congressional leaders as Congress is considering legislation to create a Consumer Financial Protection Agency.
The letter asked Congress to provide states with concurrent authority to enforce federal law, and to allow them to enforce state consumer protection laws for state- and federally-chartered financial institutions. [Go to AG's Letter to Congress.]
"Rather than limiting the states’ role in consumer financial protection, as some have advocated,” the letter said, “we believe Congress should encourage an active and effective partnership between the states and federal financial regulatory agencies to the ultimate benefit of all consumers.”
“Weakened consumer protections and limited enforcement authority already have damaged many consumers and the economy in general,” the letter said. “Early state action can prevent a local problem from becoming a national one.”
“Allowing the states to enforce federal standards will maximize government resources, promote honest competition and deter potential violators,” the state attorneys general said.
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